SINGAPORE (Apr 30): Top Global reversed into the red in the first quarter, reporting a loss of $203,000 compared to earnings of $327,000.
Revenue in 1Q18 rose 35% to $34.2 million from a year ago mainly due to higher revenue from sale of development properties from Braddell and Bartley projects by $7.8 million and an increase in hospitality revenue by $1.6 million, mainly due to the acquisition of 5Footway group.
Cost of sales increased to $24.9 million from $16.4 million mainly due to higher cost of sales for development properties of $7.6 million.
Distribution and marketing expenses, administrative expenses and finance costs also increased by $1.5 million.
Top Global says as units in its R Maison and E Maison projects were fully sold, the group avoided paying Qualifying Certificate extension charges in April and May respectively.
Looking ahead, Top Global says Singapore’s real estate market seems to have turned the corner since the last quarter of 2017.
There have also been encouraging signs for the local hospitality market with the opening of Terminal 4 in Changi Airport.
In Indonesia, the residential property continues to be buoyant with the country’s Housing Index at an all-time high.
The group has also launched its first cluster in Rancamaya, Salvador of the Kingsville District for sales in late 2017.
Shares in Top Global closed at 24 cents on Monday.
